can't get start-up finance

[urban edge racing]

hi everyone this is my first post so be nice. I have been trynig to start my business for about 5 months but can't seem to get any finance due to the fact that after studying for 5 years to get a degree in i.T i was made redundent after 10 months losing everything i now have a poor credit rating and no money to put into the venture myself. I have business plan which the banks did like but said no becuase i have no assets to secure the loan.

So after all of that rambling can anyone help me with this matter. Any help would be fantastic

Thanks Rhys

[Genielle]

Is there any funding you can get to help start your buisness?

[newscatness]

That was what I was going to ask!! I hope someone knows. I have been in contact with our local Enterprise company but have had no feedback as yet. There is supposed to be a set amount to help a business in the first 12 months but criteria has to be met...hope I am not in a 'grey' area.

[Genielle]

Depending on your age, you can apply to the Prince Trust. They can give a loan up to £2000 and re-pay only £20 per month . They even give you a mentor who can help. Have you looked athe Business Link web site as they have loads of info on funding and loans. Hope this helps, and good luck with your business.

[newscatness]

Thank you so much for that. Shall go web hunting now.
All the best
Theresa
'mad stone carver!'

[urban edge racing]

not to sure but have i just had my post hijacked

[Snorkerz]

Do you have a car? A Computer? A desk? These are things that your business might need and that your bank might consider as your 'share' of the startup costs. I know they did with me (I was only looking for a couple of thousand).

The way I did it was as follows...

Own contribution (none of it was cash) £1,000
Bank Loan £1,500
Grant from Local Council £1,000

Of course, you might need a lot more money in which case this is no good - but whatever the case, Good Luck.

[newscatness]

Hi
Thanks for that, I did eventually get a start up grant from my local Enterprise company which has helped so much. Trying to organise a web site now...hopefully be operational within the next 4 weeks.
Thank you again for your input.
Yours
Theresa

[angus]

some business links have grant money towards websites

[moneyowl]

A llot of business' do not require start up money - at least not in the amounts that would require a bank to get involved. If you need £2k, ask your friends and family - if they have faith in you & your idea hey will give it to you. If your friends and family do not have faith in you, well how could you expect a bank or Prince charlie to have faith in you. If you need more thatn £2k, maybe you should walk before you run.